Peter Schiff to Sell Artwork Using Bitcoin Blockchain

Peter Schiff, one of the most well-known anti-BTC (BTC) analysts, surprised his followers with his latest post. Schiff announced an art project involving the Bitcoin blockchain with Market Price, which he says is one of his favorite artists.

“I’m pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain.”

Schiff, CEO of Euro Pacific Capital and a staunch gold advocate, has been critical of Bitcoin for years. Schiff described Bitcoin as a digital pyramid scheme, a bubble, and a worthless asset. He was also at odds with his son Spencer Schiff, who is also a Bitcoin investor. However, Schiff revealed in a recent tweet that he has collaborated with Market Price, an artist who creates paintings inspired by financial markets. The project includes the original “Golden Triumph” chart, as well as a series of prints and Ordinals written on the BTC blockchain.

Ordinals are a way to make individual satoshis, Bitcoin’s smallest unit, unique by adding extra data to them. They are created using the Counterparty protocol, which allows users to issue private tokens on the Bitcoin blockchain. Ordinals can be used to represent ownership of physical works of art, as in Peter Schiff’s art project Market Price. There is actually an NFT logic here. Ordinals were also used to mine meme tokens on the BTC blockchain.

Schiff announced that the project will consist of two auctions that will end on June 9, 2023. The first auction will be for the original painting and an unnumbered Ordinal of the painting in the painting. The second auction will be for 50 prints and their corresponding Ordinals numbered 1-50.